Sales seem to be winding down — according to preliminary June reports. 2,030 sales were recorded as of June 10, if we were to extrapolate numbers until the end of month, this would point to numbers in and around 8,100 sales. Last June almost 11,000 sales were recorded (down 11%). If the sales continue at this pace we may see a drop of 13% from last month AND the first time in almost a year that sales would be down.
Average sale price appears to be off slightly from last month’s record of $447,000… So far the average this month is at $440,000 – less than a 2% drop. At the end of June, typically we do see a drop off in sales, but it seems to be a touch earlier this year. Some forecasts of a swing in the market seem to be prevalent. The key to what is happening in the market will be the inventory of product over the summer. Over the last 3 months we have been seeing between 18,000 to 20,000 new listings per month hit the market. With this pace coupled with slower sales if we reach 30,000 listings on the market we could be looking at a buyers market in the fall, which will put downward pressure on the prices.
Catherine M. Black is a Real Estate Agent in the Greater Toronto Area. Together with her partner, Leslie Black, they offer first-class marketing services to sellers and premium searches and tours for buyers. Please contact Catherine at 416.925.9191 or blackandblack@chestnutpark.com for more details. View her Divorce Magazine Profile and website.
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